Bullion Intraday Road Map for Feb 09, 2012

Gold: currently trading at 1732.55, trend will remain down till it is trading below 1735, between 1735-1762 our outlook will remain neutral on this counter consolidation above 1763-64 zones would confirm establishment of fresh move that will take it to 1805. Day trading range will remain between 1710-1765. Immediate support seen at 1724 failure would offer 1714-1706-1686 as targets for bearish swing. Immediate resistance placed at 1736 penetration would signal incline till 1742-1748 zones, if manage to hold 1750 then retest of 1760-62 zones can’t be ruled out.

Silver: currently trading at 33.89, outlook will remain bearish till it is trading below 34.50. day trading range will remain between 32.90-34.50. Intraday resistance zones are 34.05-34.15 if manage to hold above these levels then retest of previous high can’t be ruled out. Immediate support seen at 33.70 break will open door for 33.20-32.90 zones. Further down side will confirm below 32.90 and failure on this bullish swing will occur below 32.90

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Will Exhaustion Gap Halt the Down Trend in Nifty?

In this video we have explained what NIFTY is likely to do in next few sessions.

Nifty Options Weekly Expiry; MAX PAIN stands at 13400

#NIFTY #INDEX currently trading at 13438, down by 90 from previous close. Today index has opened gap down and taken out the low placed yesterday at 13449 triggering primary weakness in market for the day. Immediate support is now placed at 13390, retest to this level can’t be ruled out but stability below 13390 will result in to further weakness and then attempt towards 13350-13310 zones can’t be ruled out. Key support will be at 13300 and further stability below that level will bring more weakness. Resistance is now placed at day high which stands at 13488, any sustained move (Less likely) above that level will bring some relief to bulls and then attempt towards 13540-13590 can be seen. On #option_chain heavy #call_writing is being done at 13500-13600 strikes where as short covering is visible in 13450 and 13500 puts whereas longs build up seen in 13400 puts with high volume. Based on current #OI position level of #option_pain stands at 13400 thus based on current data at 10:52AM...

LET THE MARKET TELL WHO WE ARE

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